Marketing offers a powerful and effective way to tell our story, connect with customers, and provide solutions to answer concerns and fuel their goals. That said, marketing can also be overwhelming; there’s simply so much to understand and seemingly even more to do.
Marketers at banks and financial institutions in Vietnam or anywhere in the world witnessed a slew of emerging trends and transformations in 2019. Banking and financial marketing strategies have adapted by expanding the use of digital channels and increasing customer personalization. Banks and financial institutions can expect a greater emphasis on utilizing data to produce engaging customer experiences and banks & financial education resources.
We just summarized major banks and financial marketing trends to watch as we head into 2020:
Digital Is Here to Stay
While even the in-branch experience is becoming more digital to continue to attract customers, banking and financial marketers are adjusting banking and financial marketing strategies to explore and put greater onus on engaging with customers through more digital channels. In fact, a research report by Forrester shows that digital marketing spend in the U.S. is projected to reach $120 billion by the year 2021.
Branches Are Cool Again
While visits to the in-person branch have been on a steady decline overall, a few leading organizations are efforting to bring back the heyday for branches by making them engaging hangouts with increased digital services — from interactive kiosks to digital financial education modules and more.
Branches provide great opportunities to engage customers and provide highly personalized financial education. Expect further investment in employee training and branch redesigns as leading organizations continue to deploy digital financial tools. 3/4 of new to bank customers in the U.S opened account at branches, surprised you?
Data: Use It Like You Mean It
Banking and financial marketers in Vietnam and other countries have no shortage of customer data at their fingertips — from purchase histories to demographics and more — but growing banks and financial institutions are being driven by marketers who are using that data to create meaningful segments and targeted campaigns to serve their customers better and grow revenue. In other words, you don’t need to become an expert in machine learning or artificial intelligence (AI) to use data to fuel our marketing campaigns.
Customize and Personalize
According to Duong Ngoc Dung, Country Head of Marketing & Communication at Hong Leong Bank Vietnam, digital marketing has propelled us out of the one-size-fits-all age and straight into the era of personalization. As always, our customer expects laser-focused, personalized solutions and, thanks to advanced data analytics, they’re within our power to provide.
“Our customers seek customized solutions for their personal financial needs. And, they want them in real-time. With the help of analytics, responsive technologies, customer insights and other data-driven marketing tools that follow customers through the sales funnel, our bank can (and should) now deliver personalized communications and offers that answer our customers’ needs at a specific point in their journeys” Duong Ngoc Dung added.
Data and personalization: they go together like peanut butter and jelly. But really, with the right data at your fingertips, personalization becomes easy…and lucrative. In fact, personalized financial education offerings at one bank actually netted them a $2 million increase in product sales.
Married to Customer Engagement
How many times a day do marketers talk about customer engagement? Well, there’s a reason for the never-ending emphasis. We know that highly engaged customers are highly loyal customers, and customer loyalty = increased revenue over time. After all, existing customers spend 67% more than new customers.
Content Is Still King
“We all know that life is made up not of the big picture, but of the small moments that add up to the big picture. But, what we may not know is that an incredible 96% of people turn to mobile devices during their times of need, also known as micro-moments” said Quynh Hoang, Chief Marketing Officer at Vietnam’s Eximbank.
“Marketers of any bank can continue to expect that content is a key way to keep our customers engaged and fortify a sense of trust and brand loyalty” Quynh Hoang added.
A digital education modules offer a great way to deliver relevant education to your customers without having to build that content out from scratch.
FinTech — Buy vs. Build
It is increasingly common for financial institutions to partner with FinTechs to address their most stubborn business needs. Without the same legacy restraints of financial institutions, FinTechs can help banking institutions remain relevant and competitive in an increasingly crowded market, and with steep competition for customers.
Spread the Love to Gen Z
Millennials are still the darlings of the marketing world, but Generation Z is about to roar onto the scene. Born starting in the mid-90s – there are various definitions, ranging from 1993-1997 as a start year – the oldest Gen Z’ers are in their early 20s. What does that mean? They’re getting ready to graduate college, enter the workforce, buy their first new cars, and – soon – get married, purchase their first homes, welcome their first babies, and celebrate other major life milestones.
Generation Z represents an opportunity for your bank. They are researching where to open their first “adult” checking accounts, credit cards, and other lines of credit. In another decade, they will represent one of the largest markets for banks and financial institutions. Learn from your experience with Millennials and get a handle on Gen Z – before your competition does.
Leverage these fresh ideas to propel your bank into future success